Hawaiian Fund Manager Reaches Settlement with SEC

ImageThe Securities and Exchange Commission has settled with a hedge fund manager from Hawaii over charges that he falsely represented his funds to investors.

Reported by Ricardo Kaulessar, editor of HFB, according to the SEC, Gary Marks has agreed to pay disgorgement of $321,702, a penalty of $100,000, and prejudgment interest without admitting or denying the allegations brought against him.

The Commission alleged in a complaint filed in U.S. District Court in San Francisco that Marks “negligently misrepresented the level of correlation and diversification” among some fund of funds hedge funds that he ran through his firm Sky Bell Asset Management from 2005 to 2007. The firm has not been registered with the SEC since 2008.

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